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07-23-12 Council Agenda & Packet
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07-23-12 Council Agenda & Packet
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7/19/2012 1:08:49 PM
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RE: Tax Abatement for Ameriplex Superior Partners, L.P. <br /> July 6, 2012 <br /> Page 2 <br /> The company does not yet have information about their contractors which is needed to determine <br /> the actual term of the abatement. The company will have this information for the Common Council <br /> prior to the date set for issuing their confirming resolution. It is estimated that the company will <br /> qualify for a three to five year abatement. <br /> Assuming a three year abatement term is approved at the Confirming Resolution date,the total taxes <br /> to be abated during that term are estimated at $ 184,182. Total taxes to be paid during a three year <br /> term are estimated at $128,648. Total taxes to be abated for a four year term would be $226,045 <br /> and $191,062 of taxes would be paid. Assuming a five year term,taxes abated would be $267,263 <br /> and taxes paid would be$254,121. <br /> EMPLOYMENT IMPACT <br /> Per the petition, it is estimated that the project will create sixty-two (62) new,permanent full-time <br /> positions with total wages estimated at $2,100,000. <br /> ABATEMENT Oi. AL,IFICATIONS <br /> 1. A review of the tax abatements previously granted finds that the petitioner has been granted or <br /> been associated with one previous six (6) year real property tax abatement which was approved <br /> on July 31, 2009, <br /> 2. The Building Commissioner has reviewed the petition and finds the property to be properly <br /> zoned for the proposed project. <br /> 3. A review of the Tax Abatement Ordinance No. 9394-03 finds that the petitioner meets the <br /> qualifications for up to a five year real property tax abatement under Section 2-83.1,Warehouse <br /> Development in the Economic Development Target Areas, Urban Enterprise Zone and <br /> Redevelopment Blighted Areas. <br />
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